Islamic Microfinance Network (IMFN) will strengthen the Islamic Microfinance Institutions Globally: Zubair Mughal

1. CENTRE OF ISLAMIC BANKING
& ECONOMICS
Press Release
Inauguration of 100 days Master plan for the Development of Islamic
Microfinance industry
Islamic Microfinance Network (IMFN) will strengthen the Islamic Microfinance Institutions
Globally: Zubair Mughal
31st
May, 2013.
(Islamabad – Pakistan) Under the umbrella of Islamic microfinance Network (IMFN), a special meeting of
Islamic microfinance institutions was held at the capital city of Pakistan, Islamabad, today, presided by Dr.
Amjad Saqib, Executive Director Akhuwat and Chairperson IMFN, in which large number of local and
International Islamic microfinance institutions took part. The rationale of this special meeting was to
endorse 100 days master plan for the development of national and international microfinance institutions
while uniting the Islamic microfinance institutions at single platform, resolving the interrelated issues and
the barriers.

2. Chief Executive Officer of AlHuda CIBE & Islamic Finance Network, Mr. Muhammad Zubair Mughal, while
expressing the need and characteristics of 100 days plan, said, in analysis of the growing expansion of
Islamic microfinance in the world, there is an alarming need to give Islamic microfinance industry a obvious
strategy and track so that Islamic microfinance institutions may carry out the mission of poverty diminution
in a brand line of action. He stated that Islamic microfinance has become an imperative need to alleviate
poverty. In this perspective, Islamic Microfinance Network has designed 100 days master plan. For the
advancement of Islamic Microfinance, this plan incorporates the linkages with international microfinance
networks, platform for exchange of ideas and dialogues with donors about Islamic microfinance, Shariah
guidance to Islamic microfinance industry, Islamic Micro Finance awareness campaign through media and it
also includes structuring of standards on Islamic Micro finance.
He further said that if International multi literal organization i.e. World Bank, UNDP, USAID, IFC, GIZ etc.
seriously want to eradicate poverty from the world, and then they will have to include Islamic microfinance
in their preference strategy. Based on current situation, the achievement of Millennium Development Goal
(MGD’s) for poverty alleviation of the United Nations seems impossible and one of the main reasons for this
is not including Islamic microfinance in their poverty alleviation strategies. It is estimated that approximately
half of world’s poverty reside in Muslim countries and Muslims avoid using conventional microfinance
facilities due to interest, which is strictly prohibited in Islam. Hence, there is a need to introduce such
microfinance services in Muslim countries which are compatible with their religious, cultural and social
values. If this is not done, the world poverty will keep on increase and this can be easily proven by assessing
the poverty statistics of last 10 years.
It was also decided during the meeting that AlHuda CIBE will develop guiding principle on Salam, Murabaha
and Mudarabah for Islamic Microfinance Network, which will be a source of guidance for institutions related
with Islamic microfinance. 100 days master plan will be initiated on 30th
May, 2013 and on its completion a
general meeting will be organized to evaluate the achievement of Master plan related targets#
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